Advance pushes 100-million-ounce silver mark with new Mexican project
Advance has signed a binding agreement with the United States and Canadian-listed miner and explorer Endeavour Silver Corp to fully acquire the project over four years.
The project contains a solid gold foreign estimate that adds to the company's growing silver stack. It is in the same region as the high-grade Copalquin gold-silver project being explored by ASX-listed Mithril Silver and Gold, about 80 kilometres southwest.
Guadalupe y Calvo comprises a non-JORC compliant foreign estimate of 9.5 million tonnes grading 2.7 grams per tonne (g/t) gold-equivalent for 816,000 ounces gold-equivalent or 60.6M ounces silver-equivalent.
The silver component complements previous foreign estimates of 17.23M ounces silver-equivalent at its Yoquivo project, about 245km northwest, and 22.4M ounces silver-equivalent at its Gavilanes project in the state of Durango, to total more than a stellar 100M silver-equivalent ounces.
'Advance is now positioned as the largest ASX participant in the silver-gold exploration and development space in Mexico, with enormous upside potential from all three of our projects.'
Advance Metals managing director Dr Adam McKinnon
Previous highlight drilling results at Guadalupe y Calvo from an estimated 86,000 metres of exploration and resource definition drilling include 6.5m at 3.6g/t gold and 3646g/t silver from 38.5m, 15m going 16.8g/t gold with 373g/t silver from 36m and a 4m chunk of 15.9g/t gold and 1225g/t silver from a depth of 290m.
Narrow high-grade intervals of 1.45m grading 23.4g/t gold and 1105g/t silver from 86.6m and a 1.95m slice at 22.5g/t gold and 1456g/t silver from 553m add to the impressive drill results.
The foreign estimate contains a high-grade indicated and inferred underground portion consisting of 3.05Mt running at 5g/t gold-equivalent for an impressive 494,000 gold-equivalent ounces.
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